Global sports nutrition market is projected to grow at a CAGR of 8.42% during the forecasted period (2019 – 2024).
- Sports nutritional products were once classified as a niche category – designed particularly for athletes and hardcore full-time sports personnel. The scenario has been altered quite significantly with such products getting popular and being demanded by a more diverse consumer group – the regular exercisers and the everyday consumer looking for an extra boost in their workouts.
- Sports drinks product type segment is expected to account for the highest revenue share by 2024 end in the global sports nutrition market attributable to a burgeoning interest in fitness and healthy lifestyle across the globe.
Scope of the Report
The global sports nutrition market is segmented by product type into sports food, sports drink, and dietary supplement. By distribution channel, the scope includes supermarkets/hypermarkets, convenience stores, specialty stores, online stores, and others.
Key Market Trends
‘Veganism’ Trend to Accelerate Revenue Generation
Globally the mainstreaming of sports nutrition has not peaked and protein continues to reign supreme in the respective market space. An increase in plant-based diets has resulted in an increasing number of sports nutrition products being rolled out on retail shelves claiming ‘natural’ and ‘organic’, thus resulting in increased market revenues for sports nutrition products. For example, GHT Companies have introduced Vegan Life Nutrition (VLN), to provide nutritional supplements that are completely free of animal products. Vegan Life Nutrition created this supplement range to meet the growing demand for animal-free plant-based products.
Also, a Harris Poll conducted in 2016 found that approximately 3% of the U.S. population eats a strictly vegetarian diet, and about half of those are vegan. The bigger revelation was that 36% opt for at least some vegetarian meals on a regular basis. All of this points to an emerging trend toward a decreasing reliance on animal-based nutrition.
Asia-Pacific is the Fastest Growing Market
Strong fitness culture across countries such as China, Japan, and Australia and the wide availability of sports nutrition products, with a plethora of brands on the market and constant new product launches, are some of the factors contributing towards increasing market for sports nutrition products across the Asia Pacific. Additionally, increasing dependency on social media marks a significant attribute in the success of sports nutrition brands, with the use of social media channels including Instagram and Facebook, as well as brand ambassadors having a strong influence on sales.
Furthermore, increasing government efforts to educate consumers on the importance of fitness is further adding to the overall revenues in the Asia Pacific sports nutrition market. In this regard, in 2016, the Chinese government introduced, the National Fitness Programme, encouraging consumers to take part in various sporting activities being held throughout the country, such as marathons.
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